Watch List notes:

Banco Nacional Ultramarino, Macau, Japanese Occupation, 25 patacas, 1944, serial number 20301, (Pick 24), PMG 62NET Uncirculated, Edge Damage, Stains. The third scarcest type of the whole series after the 100 and 500 patacas with just 80,000 notes printed. This wartime survivor occupies the top grade in the PMG population report as of cataloguing..

Estimate: HK$80,000.00 - HK$110,000.00